Corporate Resource Services is a company on the move. Through its three wholly-owned subsidiaries, CRRS has established itself as a national provider of diversified staffing, recruiting and consulting services. Today, CRRS took another step forward with the acquisition of Tri-Overload Staffing Inc.
Tri-Overload Staffing Inc. is in the business of providing temporary and permanent employment staffing services and related support services principally to the insurance industry. Tri-Overload Staffing, which is now known as Overload Services, Inc., had sales of approximately $20 million for the nine-month period ending March 31, 2010, via a major U.S. presence with over 20 offices throughout the country.
CRRS completed this transaction for approximately $6.2 million which was paid through the issuance of approximately 8,590,000 shares of the company’s common stock. The transaction was reviewed and approved by a special independent committee of the Board of Directors.
Leading the way at CRRS is Jay H. Schecter who serves as the company’s CEO. When asked what this transaction will mean to the future of the company, Schecter was quoted as saying, “With this transaction, CRS continues to build scale as well as diversify its offerings. We now have a growing presence in the insurance industry, as well as in the light industrial and clerical industries. With the completion of this acquisition and the addition of Insurance Overload Services to our group, we have added, based on current levels of business, over $100 million of annualized revenues to the company’s operations since April of this year, when we acquired certain assets of GT Systems. This is an important step for the Company and we plan to continue aggressively our growth through additional acquisitions as well as organically.”
Currently, CRRS is trading in the $1.00 range. With this major acquisition and an established market presence, Corporate Resource Services may be a company on the rise.
To learn more about Corporate Resource Services, visit the company website at: www.aabilities.com.